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“We cannot depend on the state budget as the only source of funding for economic development,” said Deputy Prime Minister Hue.
The Vietnamese stock market will grow to its full potential and become a significant source of funding for the economy, Deputy Prime Minister Vuong Dinh Hue added.
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Deputy Prime Minister Vuong Dinh Hue addresses a meeting with the State Securities Commisison on Wednesday. Photo by Thanh Chung/VGP |
The stock market in Vietnam has grown 65 percent over the past five years, said the SSC in a report, adding that market value quadrupled to VND1.2 trillion ($54 million) between 2006 and 2010, accounting for 23 percent of total public investment.
Statistics show the number of companies traded on the two major stock exchanges in Hanoi and Ho Chi Minh City has increased to 686. The market value of publicly listed companies has nearly tripled in the past five years, and at the end of last year, it accounted for about 35 percent of Vietnam’s gross domestic product (GDP).
The government-guaranteed bond market has expanded at an average pace of 31 percent per year, and become an important source for the government to raise funds for development projects.
The bond market's value is equal to 59 percent of Vietnam’s GDP and accounts for half of the outstanding loans in the banking system.
